Vanguard Group Inc. Has $386.51 Million Position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Vanguard Group Inc. reduced its position in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 0.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,081,633 shares of the technology company’s stock after selling 6,953 shares during the period. Vanguard Group Inc. owned approximately 10.72% of Cogent Communications worth $386,509,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CCOI. SRS Capital Advisors Inc. lifted its holdings in Cogent Communications by 313.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock worth $38,000 after purchasing an additional 383 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in Cogent Communications by 109.9% in the 4th quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock valued at $48,000 after acquiring an additional 333 shares in the last quarter. Fifth Third Bancorp raised its holdings in Cogent Communications by 56.7% in the 4th quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock valued at $154,000 after acquiring an additional 733 shares in the last quarter. Strs Ohio raised its holdings in Cogent Communications by 16.7% in the 4th quarter. Strs Ohio now owns 2,100 shares of the technology company’s stock valued at $159,000 after acquiring an additional 300 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Cogent Communications in the 4th quarter valued at $202,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,640 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $57.79, for a total value of $94,775.60. Following the sale, the director now owns 10,091 shares in the company, valued at approximately $583,158.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $56.00, for a total value of $134,400.00. Following the sale, the vice president now owns 38,600 shares in the company, valued at approximately $2,161,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sheryl Lynn Kennedy sold 1,640 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $57.79, for a total value of $94,775.60. Following the completion of the sale, the director now owns 10,091 shares in the company, valued at approximately $583,158.89. The disclosure for this sale can be found here. Insiders have sold 178,440 shares of company stock worth $9,828,016 in the last 90 days. Insiders own 11.40% of the company’s stock.

Cogent Communications Trading Up 3.1 %

Shares of CCOI stock opened at $54.12 on Friday. The firm has a market capitalization of $2.65 billion, a P/E ratio of 2.14 and a beta of 0.41. Cogent Communications Holdings, Inc. has a twelve month low of $50.80 and a twelve month high of $86.00. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80. The stock’s fifty day simple moving average is $58.51 and its 200 day simple moving average is $67.09.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, May 9th. The technology company reported ($1.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). The firm had revenue of $266.17 million for the quarter, compared to the consensus estimate of $274.13 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. As a group, sell-side analysts predict that Cogent Communications Holdings, Inc. will post -4.81 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Thursday, May 23rd were given a dividend of $0.975 per share. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $3.90 dividend on an annualized basis and a yield of 7.21%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.97. Cogent Communications’s payout ratio is currently 15.45%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CCOI shares. TD Cowen dropped their price objective on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a report on Friday, May 10th. TheStreet raised Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. KeyCorp lowered their price target on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 10th. JPMorgan Chase & Co. lowered their price target on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, May 13th. Finally, Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $75.00 in a report on Thursday, March 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $75.14.

Cogent Communications Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.